- Covalent releases a new use case webpage focused on its leading Decentralized Exchange (DEX) endpoints and their applications
- This is the first of many curated use case pages to onboard new and experienced developers into Web3
- The use case webpage builds on the December release of the unified
XY=Kendpoints and rise in multi-chain DEX analytics
- Coming soon: a customizable ticker widget to display top token and pool statistics for supported DEXs
Covalent and DEX Data
Decentralized Finance (DeFi) is responsible for facilitating billions of dollars of trades on different blockchains. With much of this activity taking place on DEXs, there is a vast amount of data stored on-chain regarding swaps, staking, liquidity, and more. With so many different protocols, it can be extremely difficult for developers to aggregate data across different platforms, and for the average DeFi user to keep track of their assets.
However, the majority of popular exchanges have something in common, which is they operate as clones of the UniswapV2 protocol (read more about this here). Covalent’s strength is in standardizing data, and finding shortcuts for developers is one of the many ways we improve the Web3 experience. With our Unified API, we found that we could easily support similar exchanges all through a set of
XY=K endpoints, in a standardized response format across different chains. Check out this long-form article for a deep dive on our DEX support.
This easy multi-chain functionality doesn’t exist elsewhere in the market, and it’s propelled us to think about many more types of applications.
Taking a Use Case Approach
By focusing on data trends in the Web3 space, it has become clear that there are various tracks for developers to build in according to user demographics, such as NFTs (Non-Fungible Tokens), DAOs (Decentralized Autonomous Organizations), DEXs and more. Each of these areas have their own learning curves and data requirements and is why we have started to categorize our endpoints to make it easier for developers.
In order to improve developer onboarding, we are creating use case pages on our website to collect all the necessary resources in one place, making it easy for both experienced devs and Web3 newbies.
As we continue to expand our developer resources, we are shipping easy-to-use code templates. On the topic of DEXs, we are building a customizable widget for anyone to display top tokens or pair statistics on any of the 18 (and counting) DEXs we currently support.
This widget brings some of the TradFi (Traditional Finance) experience to the Web3 ecosystem, with a similar aesthetic to stock market tickers which many investors are familiar with. Customize and embed the widget to consolidate top DEX data on any website!
Developers and the Covalent Network API usage is important for us not only because it means we are expanding our community, but it also benefits the health of the Covalent Network. For holders of our Covalent Query Token (CQT), demand-side traction contributes to the value accrual of the token. Stay tuned for more information on the upcoming launch of single-sided staking.
Covalent provides the industry-leading Unified API bringing visibility to billions of Web3 data points. Developers use Covalent to build exciting multi-chain applications like crypto wallets, NFT galleries, and investor dashboard tools utilizing data from 32+ blockchains. Covalent is trusted by a community of 27,000+ developers and powers data for 1000+ applications including 0x, Zerion, Rainbow Wallet, Rotki, Bitski and many others.